Homebuyer surveys and costs

Homebuyer surveys are a good way to avoid unexpected repair costs further down the line. Getting a survey for a house or flat will give you an idea of just how much you might need to invest in a property after you buy it. This guide examines the different types of survey available and their costs, including RICS Condition Reports, RICS HomeBuyer Reports and more.

Types of homebuyer survey

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One in five homebuyers only gets a mortgage valuation report, so it’s no surprise that many are hit with unexpected repair bills when they move in. Source: Royal Institute of Chartered Surveyors (RICS)

Choose a survey based on the condition of the property itself, not the cost of the survey.

Money spent on a decent survey can save you a fortune in the future and help you avoid expensive surprises after you have moved in.

RICS Condition Report

The RICS Condition Report describes the condition of the property, identifies any risks and potential legal issues and highlights any urgent defects. It’s most suitable for new-build and conventional homes in good condition; no advice or valuation is provided in this survey.

A Condition Report is a very basic ‘traffic light’ survey and the cheapest, costing around £250.

RICS HomeBuyer Report

A HomeBuyer Report is a survey suitable for conventional properties in reasonable condition. Costs start at £400 on average.

This will help you find out if there are any structural problems, such as subsidence or damp, as well as any other unwelcome hidden issues inside and outside.

The HomeBuyer Report doesn’t look beyond the floorboards or behind the walls.

Some home-buyers’ reports include a property valuation, so you might be able to revise your offer if the survey reveals a lower price than the mortgage lender’s valuation.

If there’s no valuation included, you could use the report’s suggestions for repairs to renegotiate the price.

For example, if it’s going to cost you £5,000 to carry out work on the property’s damp walls, it’s reasonable to offer £5,000 less than the asking price.

RICS Building Survey

The RICS Building Survey provides the same level of in-depth inspection as a building survey, but uses a simple a clear presentation style and a 1, 2, 3 rating system to ensure that you can easily identify the most serious issues. . This is mainly aimed at larger or older properties, or if you’re planning major works.

A detailed report provides you with an in-depth analysis of the property’s condition highlighting a range of issues which includes advice on defects, repairs and maintenance options. Included with the RICS Building Survey are advice sheets on how to deal with some of the more common problems that have been found at the property including an outline of repair options and the consequences of not dealing with any potential issues highlighted within the report.

The typical cost is around £400-£500.

Building or full structural survey

This is the most comprehensive survey and is suitable for all residential properties. It’s particularly good for older homes or homes that might need repairs. This type of survey typically costs upwards of £600 and provides detailed advice on repairs.

It’s very extensive and in some circumstances worth the extra money but it does not usually include a valuation. Although this survey can’t look under floorboards or behind walls it should include the surveyor’s opinion on the potential for hidden defects in this area.

The surveyor should also provide information on potential repair options. Again, you could try to save money by comparing the details of the repairs required against the lender’s valuation.

New-build snagging survey

A New-build snagging survey is an independent inspection to look for any issues with the property.

Costs typically start from £300 depending on the size of the property.